FISCAL NOTE
Date Requested: February 10, 2021 Time Requested: 04:31 PM |
Agency: |
Tax & Revenue Department, WV State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1325 |
Introduced |
HB2149 |
|
CBD Subject: |
|
---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
Decreases Existing Revenue, Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to allow a personal income tax deduction for a foster care child.
Although the bill purpose states it allows for personal income deduction for foster children, it allows a taxpayer a $2,000 exemption for a foster care child in their home. The estimated revenue loss with this Personal Income Tax exemption would be slightly more than $500,000 for FY2023 and all subsequent years.
Additional administrative costs to the State Tax Department would be $56,000 for FY2023 and $45,000 for subsequent years.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2021 Increase/Decrease (use"-") |
2022 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
0 |
45,000 |
Personal Services |
0 |
0 |
45,000 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
0 |
0 |
2. Estimated Total Revenues |
0 |
-500,000 |
-500,000 |
Explanation of above estimates (including long-range effect):
Although the bill purpose states it allows for personal income deduction for foster children, it allows a taxpayer a $2,000 exemption for a foster care child in their home. The estimated revenue loss with this Personal Income Tax exemption would be slightly more than $500,000 for FY2023 and all subsequent years.
Additional administrative costs to the State Tax Department would be $56,000 for FY2023 and $45,000 for subsequent years.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov